REGULATIONS OF TIKI VILLAGE TIMESHARE TRUST

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1 1. INTERPRETATION In these Regulations:- The terms defined in the Constitution of the Club have the same meaning wherever appearing in these Regulations except where the context otherwise requires. Club means Tiki Village Timeshare Trust. Child means a person up to the age of twelve (12) years Guest includes an invitee of a member, whether relative, friend, associate or other person, either staying with or visiting the member or guest staying with the member s permission and shall also include an invitee of the Club. Resident means a person occupying an apartment at the Resort for any period of time and any derivations thereof shall have corresponding meaning. Resort means the land comprised in Lot 1 Registered Plan the Parish of Gilston, County Ward. Resort Manager means the management company, Classic Holidays. Resident Manager means the live-in Manager(s) employed by the Club and under the direction of Classic Holidays. 2. GENERAL USE OF THE RESORT 2.1 Check In/Out Procedures (a) (i) All persons who shall be residing at the Resort shall immediately on arrival call at the office to advise of their arrival. They should advise the Resident Manager, or Resort Reception staff, of the name and membership number of the Member. (ii) All persons who anticipate arriving after 5.00pm shall, prior to that time, advise the office accordingly. (b) Residents may occupy their apartments at any time after 4.00pm on the day of commencement of their residency and must vacate their apartments no later than 10.00am on the day of termination of their residency. (c) Residents who arrive at the Resort earlier than, or who wish to leave later than, the time referred to in the last paragraph may use the recreational and sporting facilities available at the Resort. (d) Any resident who does not vacate his apartment by the time stipulated in paragraph (b) hereof or such later time as may be expressly agreed to by the Resort Manager, shall be liable to pay the Club a penalty of Five Hundred Dollars ($500.00) (or such lesser sum as the committee shall determine) for each day or part thereof that his occupancy extends beyond the time he is required to vacate his apartment. 2.2 Restrictions on Use of any Facility The Resort Manager may, for any reason, impose restrictions for any period on the use of any facility at the Resort, in which case no person shall enter upon such facility in contravention of those restrictions. 3. USE OF APARTMENTS 3.1 Number of Persons The maximum number of persons (including children and infants) in residence at any time in an apartment shall be six (6) persons and comprised of two adults and four children maximum with the limit for adult accommodation parties being four adults. A child is defined as a person twelve (12) years or under. 3.2 General No person shall bring into, store or use any flammable chemical, liquid, gas or other material in an apartment, other than materials intended for proper use in such apartment. 3.3 Inspection The Resort Manager or the Club s servants may inspect apartment s at all reasonable hours. 3.4 Electrical Appliances A copy of the manufacturers instructions for appliance use and function will be found in each apartment. Electrical appliances must be used according to these instructions. 3.5 Keys No person shall make a copy of a key to an apartment at the Resort and all Residents shall surrender all keys to the Resident Manager at the time of checking out. 3.6 Missing Items (a) Upon checking in, the Resident Manager must be notified of any missing or broken items or damages so that members/guests are not charged for them. (b) At the time of checking out, all residents should notify the resort staff of any missing items, breakage or damage so that they may be immediately replaced for the next resident. 3.7 Additional Utensils Should any resident require additional utensils they can be requested from the Resident Manager. 3.8 Cleanliness It is the responsibility of the respective occupants to maintain their apartment in a clean and sanitary condition at all times. Additional housekeeping services are available upon request and are subject to the payment of a fee. Occupants will be charged an excess cleaning fee if apartments are left in an untidy or dirty condition.

2 4. CONDUCT AND GENERAL USE OF THE RESORT 4.1 All persons whilst at the Resort shall:- (i) abide by the Constitution and Regulations of the Club; (ii) comply with any requests and directions of the Resident Manager; (iii) not conduct themselves in any manner which shall or may be a nuisance, disturbance, hazard, or an unreasonable interference with the use and peaceful enjoyment of the Resort by other members and guests; (iv) not use language or behave in any manner which is or may be or is likely to cause reasonable offence or embarrassment to other members and guests; (v) not use the Resort for any purpose which is or may be illegal or injurious to the reputation of the Resort or the Club; (vi) not mark, paint, drive nails, screws or the like into, or otherwise damage or deface any part of the Resort; (vii) not hang any washing, or other article from any part of the Resort, except where provision is made in the apartments; (viii) not throw any article (in particular cigarette butts, trash, bottles or cans) from any apartment, balcony or patio. (ix) Maintain quiet between the hours of 10.00pm and 8.00am daily, except on Friday and Saturday nights when the quiet hours shall begin at 12.00midnight. (x) Shall not make or permit any disturbing noises in the building or on the grounds by self, family, guests or employees, nor do or permit anything to be done by such persons that will interfere with the rights, comforts, or conveniences of other residents. When using Common Areas: Not permit surfboards, bicycles or other similar items in the elevators or stored on the balconies. Surfboards and bicycles must be stored in areas designated by the Resident Manager. Protection of Common Areas. Furniture, furnishings and equipment of the common elements have been provided for the safety, comfort and convenience of all residents and guests and, therefore, shall not be altered, extended or removed or transferred to other areas without permission from the Resident Manager. Shall be held personally responsible for any damage or destruction to any common or limited common element caused them and their guests or any other occupants of their apartment. Barbecuing is limited to the recreation area on grills provided, and on a first-come basis. Barbecues are to be properly cleaned after use and the areas left in a tidy condition. All bottles, papers, cans, etc, to be placed in receptacles provided. No alcohol is permitted in glass or glass containers. Pool users shall dry off prior to entering the lobby or elevators. 4.2 The Disposal of Rubbish and General Cleanliness All persons whilst at the Resort shall:- (i) have regard for and keep clean, neat and tidy their apartment, and all other parts of the Resort; (ii) not leave any garbage, rubbish, waste, bottles and cans other than in the receptacles provided; (iii) not leave or place disposable napkins/sanitary napkins other than in a sealed plastic bag placed in a garbage bin. 4.3 Motor Vehicles All persons whilst at the Resort shall not:- (i) drive or cause to be driven any motor vehicle, motor cycle, trailer or caravan faster than walking pace at the Resort, or cause any undue noise or fumes from it; (ii) cause any obstruction or allow any motor vehicle, motor cycle, trailer, caravan or boat to stand or park contrary to the directions of the Resident Manager; (iii) clean or wash any motor vehicle, motor cycle, trailer, caravan or boat at the Resort, except in the special area designated by the Resident Manager. (iv) park more than one vehicle per apartment occupied in the basement car park; (v) park in the driveway entrance or exit at any time; (vi) service or repair any motor vehicle, motor cycle, trailer, caravan, or boat at the Resort, without the express permission of the Resident Manager, and should such permission be given then in strict accordance with any directions that the Resident Manager may give; (vii) permit their motor vehicle, motor cycle, trailer or caravan to remain at the Resort later than 10.30am on the day on which they are checking out. (viii) Failure to abide by any of the parking rules enumerated herein will subject said vehicle to be towed away immediately at the expense of the owner. 4.4 Children All persons whilst at the Resort shall ensure that any child for whom they are responsible is properly supervised at all times. 4.5 Animals No person whilst at the Resort shall bring or keep any animal, bird or reptile at the Resort. 4.6 Advertising No person whilst at the Resort shall:- (i) advertise or cause the advertising of any matter of any kind or display or exhibit any material whatsoever without the express prior consent of the Resort Manager. (ii) approach or solicit any member or guest for any professional or commercial purpose without the express prior consent of the Resort Manager.

3 4.7 Personal Charges Residents who wish the use of telephone, babysitters, fax and secretarial services or tours will be charged at the prevailing rates, which charges are payable at the time of checking out. Any such personal services used by guests of members will be invoiced directly to the member if the guest has not previously paid them. The Resort Manager may require a security deposit for such services at the time of checking in. 4.8 Management Reception Hours The Resort Reception will be opened daily from 7.00am to 7.00pm Sunday to Thursday and 7.00am to 8.00pm Friday & Saturday, or during such other hours as may be specified by the Resort Manager from time to time. 5. FACILITIES USE 5.1 Swimming and Spa Pools and Sauna (a) Use of the swimming and spa pools and sauna is solely at the users risk. No lifeguard facilities are provided in relation to the swimming and spa pools. (b) Pool may be used between the hours of 7.00am and 9.30pm daily. (c) Running and dangerous activities around the pool are not permitted. Breakable items must not be brought into the pool, spa or sauna areas this includes alcohol in glass or glass containers. (d) Persons must shower (particularly when using sun-tanning oils) prior to using the swimming and spa pool. (e) Children should be supervised at all times and be aware of the water slide function. 5.2 Adults Rooftop Sundeck, Sauna and Spa (a) Persons under eighteen (18) years of age are not permitted on the roof top. (b) The sauna and sunning area should be used according to their intended purpose (c) The sauna is for mixed use. The Sauna may be used between the hours of 7am and 10pm daily. (d) Parents should be aware that the rooftop solarium and sauna are free sunning areas. 5.3 Day Use (a) All members and their guests may use the recreational facilities and amenities of the Resort even when they are not staying at the Resort. However, use of these facilities is subject to availability, with priority being given to persons staying at the Resort. (b) The number of day use visitors (not including the owner s immediate family staying in his unit) shall be limited to six (6) persons (including children and infants). (c) For the convenience of members taking advantage of day use of the Resort special changing rooms have been provided with lockers available for storage of clothes and valuables (at the user s risk). (d) Members are requested to book one (1) day prior to their expected day use. (e) The Manager shall in its absolute discretion be entitled to prevent members exercising Day Use if the Manager considers that the exercise of such rights on a particular day would result in the Resort becoming overcrowded. 6. CONDUCT OF MEMBERS AND GUESTS 6.1 Right to remove, censure, fine or suspend:- If any member, or other person at the invitation of or with the consent and approval of a member, at the Resort wilfully refuses or neglects to comply with the provisions of this document or the Regulations or is guilty of any conduct which, in the opinion of the Resort Manager is unbecoming of the Member or prejudicial to the interest of the Club, then: (a) the Resort Manager may immediately terminate that person s occupation or other right as aforesaid and remove or take such action as is necessary to remove that person from the Resort and/or (b) the Resort Manager may by resolution of the TVIL Board at a meeting censure, fine or suspend the rights and privileges of membership (including but without limiting the generality thereof the right to use his Entitlement) of that member. For the purposes of clause 6.1, the decision of the Resort Manager is final and binding upon the said member or person. 6.2 Discipline of Staff (a) No member shall reprimand or give any direction to the Resort Manager, or any servant of the Club. (b) Any complaints or grievances by any member concerning the Resort Manager, any employee of the Club or any matter relating to the Resort shall be made in writing to the Complaints Officer. 7. VISITORS: Members and resident guests:- (a) may invite a maximum of four (4) visitors to the Resort but such visitors may only be at the Resort whilst in the company of the inviting member or guest; (b) shall advise the Resident Manager of intending visitors to assist Resident Manager in maintaining security at the resort; (c) the Manager may limit the number of non-resident guests and visitors at the Resort if the Manager considers such limitation is necessary having regard to the number of people at the Resort.

4 8. LIABILITY OF CLUB FOR MEMBERS AND GUESTS PROPERTY 8.1 Security (a) Apartments should be locked when unattended. (b) Any suspicious or unusual activity should be reported immediately to the Resident Manager. (c) Neither the Board of Directors, Resident Manager nor employees are responsible for packages or other deliveries left in halls, service lockers, at doors of units or any other undesignated place on the premises, or left in or about the building. 8.2 Liability of the Club The Club shall not be responsible through any cause whatsoever for any loss or damage to the property of any person at the Resort. All persons shall release and indemnify the Club and its members from and against all loss or damage to that persons property howsoever lost or damaged and whether caused by any negligent act or omission on the part of the Club and its servants and agents. 8.3 Lost Property All property lost or found should be reported to and if found handed to the Resident Manager. 9. NOTIFICATION AND RESERVATION OF ENTITLEMENTS 9.1 Friday or Saturday Prime / Fixed Weeks (a) The Committee shall designate each apartment at the Resort to commence its Prime/Fixed Weeks on either Friday or Saturday and may from time to time redesignate such apartments. (b) Prior to using their Entitlement in any year members shall apply to the Resort Manager for a Prime/Fixed/Floating Week commencing on their chosen day (being either a Friday or Saturday). If that day is available it shall be allocated to the member by the Resort Manager. If not available the Resort Manager shall forthwith notify the member who shall be entitled to make another application. 9.2 Floating Weeks (a) A member wishing to use his Floating week Entitlement shall apply to the Resort Manager to reserve an apartment for his chosen week. (b) The Resort Manager shall allocate apartments in strict order of receipt of written applications for reservation. (c) Should all of the apartments be allocated at the time of receipt of an application the Resort Manager shall forthwith notify the member who shall be entitled to make another application. (d) Should two or more applications for reservation be received at the same time for the same period and both or all applications cannot be satisfied, the Resort Manager will in an equitable manner determine which reservation(s) will be confirmed, taking into consideration the past use history of the members involved. (e) No application for a reservation of a Floating Week shall be made more than twelve (12) months in advance (f) unless the Resort Manager resolves otherwise. Should a member cancel his reservation less than one (1) month prior to the commencement of the reserved Week, then unless the Resort Manager can otherwise allocate the apartment the member shall forfeit his entitlement to that Floating week for that year and shall notwithstanding his forfeiture, be responsible for his ownership costs relating to that Floating week. (g) Due to the specialised Schoolies event which occurs over four weeks in November/December each year, the Resort Manager has subcontracted all apartments during this time to a Company which manages this event. The rental generated from this event is placed into the floating rental pool. 9.3 Manner of Making Reservations Reservations May Be Made By: (a) Telephone - Toll Free Australia Toll Free New Zealand International (b) Facsimile - Australia International (c) Mail Member Services Department Classic Holidays PO Box 384 Coolangatta QLD 4225 Australia (d) HTUreservations@classicholidayclub.com.auUTH 10. DISCOUNT USE 10.1 Any member may, subject to availability, book into the Resort on a rental basis and shall receive a discount of 30% off the door rate in Floating Time. Reservations for such use cannot be made more than 30 days prior to the dates requested and a three night rental minimum applies; and 10.2 At the time of making the reservation the member must advise the Resort Manager that it is a Discount use reservation.

5 P March REGULATIONS OF TIKI VILLAGE TIMESHARE TRUST 11. RENTAL POOL 11.1 The Club shall conduct a Rental Pool in accordance with the provisions hereunder Any member who cannot use his Week may place it in the appropriate Rental Pool in accordance with these Regulations There will be six (6) pools as follows:- (i) 4 Fixed Week pools (for each Week 52; Week 1; Week 2; Week 3) (ii) 1 Easter Week pool (iii) Floating Week pool (includes Fixed Week 51 & 4) 11.4 (a) A member wishing to place his Week (in this clause called Time ) in the pool must advise the Resort Manager in writing not less than:- (i) In the case of Fixed Weeks and Easter Weeks, not less than four (4) months prior to the commencement of the particular Week (ii) st In the case of Floating Weeks, prior to 31P in each year (b) A member may withdraw his Time upon written request provided that the Time has not already been rented or committed. Such member cannot put that Time back into the pool during that particular year unless the Resort Manager otherwise agrees The Club will collect the monies from the letting of Weeks in each pool and will place them into a rental pool bank account, from which will be deducted the expenses of the letting and an advertising fee of 5% and an administration fee of 15%. The balance will be distributed to the contributing members proportionately to the number of Weeks they have placed in the pool In determining the expenses of the letting referred to in sub-clause 11.5 hereof there shall be included the total cleaning costs of all lettings in a pool less a sum equivalent to the cost of one such clean multiplied by the number of Weeks placed in the pool The net proceeds of the pool will be distributed by the Resort Manager. (i) in the case of the Fixed Week pools, within ninety (90) days of the end of Week 3 (ii) in the case of the Easter Week pools, within ninety (90) days of the end of Easter Week 2; (iii) in the case of the Floating Week Pool, within ninety (90) days of the end of each calendar year 11.8 A member who has a confirmed reservation for a Floating Week but who cancels less than two (2) months prior to commencement of the reserved Week, cannot place that Week in the Floating Week pool The Resort Manager shall cause the rental pool account referred to in sub-clause 11.5 to be audited, not less than twice per financial year The Resort Manager has the right to restrict the number of rental pool applications that are accepted in each share class from year to year 12. SUPPLY OF INFORMATION The Resort Manger shall, upon application made to it in writing by a member or by a person authorised in writing by such member and on payment of a fee as shall be determined from time to time by the Resort Manager, provide the applicant with a completed statement of information relating to the financial status and holiday entitlement of he share in such manner as prescribed by the Corporations Act from time to time. 13. LEVIES 13.1 All costs are carefully budgeted before the budget is submitted each year Financial penalty for late payment will be imposed at 10% of total levy amount The non-payment of levies renders the units liable for forfeiture. It is intended to enforce this provision. Those unitholders will be provided with written warnings prior to forfeiture.

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